Fund change corner details
|All Funds||Action||Effective date|
|Schroder Absolute UK Dynamic Fund||
Closure of Schroder Absolute UK Dynamic Fund for subscriptions to shares until further notice
The Authorised Corporate Director (ACD) has decided with immediate effect, and until further notice, to not accept further subscriptions in either P1 or P2 class shares of Cazenove Absolute UK Dynamic Fund. The conditions under which the ACD may limit the issue of Shares in Cazenove Absolute UK Dynamic Fund are set out in the Prospectus.
The decision to close Cazenove Absolute UK Dynamic Fund to further subscriptions has been taken following significant investment flows over recent months. Please note that this change does not impact existing holdings in Cazenove Absolute UK Dynamic Fund or on the way in which the Fund is managed.
Subscriptions received up to 12 noon on 6 November will be processed as normal. Thereafter, applications for Shares received by the ACD will be returned to investors. Shareholders can continue to redeem their shares at any time during normal business hours
The ACD will notify all Shareholders when it resumes accepting subscriptions and a notice of this decision will be posted on this website.
|Schroder UK Dynamic Smaller Companies Fund||
Closure of Schroder UK Dynamic Smaller Companies Fund for subscription to shares from 22 January 2014
The Authorised Corporate Director (ACD) recently received approval from the Financial Conduct Authority to introduce limited issue arrangements for the Cazenove UK Smaller Companies Fund (the Fund). Consequently, from 12 noon on 22 January 2014, or at an earlier date if it is considered to be in the interests of current Shareholders, the ACD will not accept further subscriptions in the Fund until further notice.
The decision to limit the issue of Shares in the Fund has been taken following significant inflows over recent months. The Fund size has now reached over £1.1 billion and there are concerns that if the Fund continues to grow it will hinder the investment manager's ability to deliver investment performance. Whilst he is comfortable with the subscription monies received to date, he feels that significant additional subscriptions into the Fund could compromise the ability to meet fully the Fund's objectives and policy.
Subscriptions received up to 12 noon on 22 January will be processed as normal. Thereafter, applications for Shares received by the ACD will be returned to investors. Shareholders can continue to redeem or transfer their Shares.
|Schroder Japan Alpha Plus Fund||
Japan Alpha Plus Fund to Tokyo Fund Merger 29th January 2016
Following the annual fund screen process the decision has been taken to merge the Schroder Japan Alpha Plus Fund into Schroder Tokyo Fund by way of a scheme of arrangement. Schroder Japan Alpha Plus Fund will then be wound up. The merger will provide unitholders with the benefit of economies of scale brought about through the management of a larger pool of assets.
The two funds have similar investment objectives and employ a similar investment approach, following bottom-up fundamental research driven investment principles. Both funds are 100% Japanese equities. If the Scheme of Arrangement is approved unitholders will receive the same class and type of unit in the Schroder Tokyo Fund as they currently hold in Schroder Japan Alpha Plus Fund.
There will be one unit holder meeting for unitholders of the Schroder Japan Alpha Plus Fund to vote on the merger.
|Institutional International Bond Fund||
Institutional International Bond Fund Closure 29 January 2016
Schroder Institutional International Bond Fund (the Fund) was launched in August 2000 and seeks to provide capital growth and income by investing in bonds issued by governments worldwide. Over the past few years, the fund’s AUM have decreased to £57 million (as at 16 October 2015) whilst sales opportunities have decreased. The Fund is no longer economically viable due to its size and we have consequently decided that it should be wound up.
Unitholders will be offered a switch into other Schroder funds or their holding will be redeemed for cash. The options available to them will be:
> Switch into another UK fund
> Switch into another Lux fund
|Global Property Securities||
Global Property Securities Fund Name change 19th February 2016
No. of unit holders: Circa 806
It is proposed that the fund’s name changes from the Schroder Global Property Securities Fund to the Schroder Global Real Estate Securities Fund. The adoption of “Real Estate” in the Fund’s name is because this term is now more widely recognised and used in the sector than “Property”. “Reference to “real estate” rather than “property” has gradually been adopted across our real estate fund range.